$Apple (AAPL.US)$ on Monday confirmed that it would begin production of its newest iPhone series in India.
What Happened: "The new iPhone 14 lineup introduces groundbreaking new technologies and important safety capabilities. We're excited to be manufacturing iPhone 14 in India," Apple said in response to Benzinga's queries.
Apple will soon start selling made-in-India iPhone 14, according to news agency Press Trust of India. The phones manufactured in India will be both for the local market and exports.
Why It's Important: This comes as one of the biggest bets by the Cupertino-based tech giant on the world's second-biggest smartphone market after China.
Earlier this month, Apple unveiled its latest iPhone series, with better features, including an improved camera, powerful sensors, and satellite messaging feature.
The news of Apple beginning production of its newest iPhone series in India comes days after the tech giant's supplier Foxconn (OTC:HNHPF) joined hands with Indian oil-to-metals giant Vedanta to manufacture semiconductors in the country. The two companies signed a memorandum of understanding to create a joint venture for manufacturing chips in India.
Earlier this month, eminent Apple analyst Ming-Chi Kuo said the "next iPhone 15 will be manufactured in India and China simultaneously." He had earlier predicted that India would ship the new iPhone 14 almost "simultaneously" with China but later revised it to say the line's mass production schedule in the country still lacks about six weeks behind China.